Ethereum rally is in many analyst’s expectations for the crypto market. The gains of the Bitcoin was a little surprising but Ethereum’s surprise would be more expected after the Bitcoin broke the bull market earlier this week.
What an Ethereum Rally Would Mean for The Bitcoin’s Bullish Trend
The bitcoin enjoyed a rally this week that moved their price against the US dollar increase by almost 100% in the last year. Yesterday, they went up as high as $8300. It also enjoyed a large trading volume that has not been since in the market ever.
The bitcoin is currently consolidating around the $8000 to $8100 mark and should hold steady at that mark for now. As the market stagnates, this could push investors to put money on an Ethereum rally while the main coin consolidates
Ethereum Rally Forming While Bitcoin Resting
Analysts are highly optimistic for an Ethereum rally with the Bitcoin pausing from their recent gains. The Ethereum has been underperforming in the recent days against the bitcoin, giving it more room to grow in the next few days. Despite modest gains, ETH still managed to move above a strong support line.
Meanwhile, CEO Mike Novogratz of Galaxy Digital mentioned recently at his Keynote Speech at that Ethereum will be more likely to be used for online transactions than the Bitcoin. He also mentioned that the Ethereum will play a major role when Web 3.0 rolls out, the decentralized version of the internet. His positive remarks only added fire to the recent interest into the 2nd largest Crypto coin
These positive sentiments along with the recent underperfomance has an Ethereum rally poised for the near future. If the momentum proves to be strong enough, the Ethereum could push above $280 or even above $320 in the next few days.